Fraud Intelligence

Accountants get a bad rap in fiction; their few leading lights include the monotonal, verbally inappropriate Big Keith from ‘The Office’, along with miserly colleagues Jacob Marley and Ebenezer Scrooge. However, when accountants turn part-detective they move towards far more celebrated and charismatic territory. Esther Martin spoke to John Webb about the skills required for that curious hybrid – the forensic accountant.

Anti-fraud Commissioner blames member states for faulty accounts The European Union’s (EU) anti-fraud Commissioner has blamed member states for the EU accounts again being declared faulty by the Court of Auditors, the union’s financial..

Esther Martin, Assistant Editor

Over the past couple of decades, European countries have brought in increasingly strict privacy rules and regulations. Italy’s regime is complex and, in many respects, draconian, says Marianna Vintiadis of Kroll.

Data protection is at a premium on the Internet as much from the incautious attitude of many users as from hackers’ exploits. Open source intelligence online is now a rich seam that both white and black hat investigators mine, says Mark Johnson.

Pursuit of assets in cross-border proceedings in the European Union is set to become easier under proposals for a new European Account Preservation Order. Joseph Kean of Mundays looks at the mechanics, together with the pluses and minuses for claimants and defendants.

Financial fraud in India is just as common as in other countries with a fast emerging economy; however, it is the attitude of Indian companies’ management towards fraud detection and follow-up that protects the perpetrators, writes Raghavendra Verma in New Delhi.

In Japan, fraud can be simply so embarrassing, it is swept under the carpet – and that realisation can leave companies prey to the dishonest, especially insiders. There are some signs, though, that attitudes are changing. Julian Ryall reports from Tokyo.

The pace of wealth creation in China is only matched, if not exceeded, by the explosion in fraud. Official corruption and an urgent desire by foreign companies to preserve good relations with the authorities mean that the business environment is set to remain fraught with dishonesty. Mark Godfrey reports from Beijing.

Criminals are likely to be best informed about fraud – it is their business and liberty at risk after all; it follows that those tasked with investigation and prevention would do well to draw on their experience. Tapping into this resource is the challenge – one taken up by Professor Martin Gill, a criminologist at the University of Leicester and director of Perpetuity Research & Consultancy International Ltd. He accesses and uses the criminals’ know-how to inform corporate risk analysis and security recommendations as he explained to Andy Holder.

The Court of Appeal has held that where the Financial Services Authority seeks an injunction as part of a law enforcement process, it should only undertake to pay the costs of a third party (such as a bank) in complying with the order, rather than any damages that the third party may incur as a result of the order. Charles Thomson of Baker & McKenzie examines the decision.